COMPANY NEWS; NEWMONT MINING SAYS IT WILL CUT WORK FORCE BY 11%

The Newmont Mining Corporation said yesterday that it would cut 500 jobs from its United States work force as part of a plan to reduce spending this year by $250 million. Newmont Mining, based in Denver, owns 94 percent of the Newmont Gold Company, one of the world's largest gold producers. The plan calls for lower capital spending, a refocused exploration program, revised mine and production plans, reduced administrative spending and a cut in quarterly dividends. The 500 jobs being cut represent 11 percent of the work force. The gold mining industry has been plagued by low gold prices. For the three months that ended on Dec. 31, Newmont Mining earned $38.6 million on revenue of $412 million.